The company's financial stability appears fragile, evidenced by a current ratio that plummeted from 166.18 in 2025Q2 to 4.94 in 2026Q1, alongside a history of negative equity reaching $2.6 million in 2024Q4.
| Cash & Short Term Investments | 1.36M | 486.9K | 46.28K | 56.25K | 521.87K | 0 |
| Cash & Due from Banks | 243.24K | 486.9K | 46.28K | 56.25K | 521.87K | 0 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 0 | 0 | 83.69M | 0 |
| Investments Growth % | 0% | - | - | -100% | - | - |
| Long-Term Investments | 0 | 0 | 0 | 0 | 83.69M | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 1.48M | 1.48M | 0 | 0 |
| Goodwill | 0 | 0 | 1.48M | 1.48M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 1.34M | 1.57M | 0 | 0 |
| Other Assets | 82.86M | 82.14M | -2.83M | 5.62M | 0 | 0 |
| Total Current Assets | 318.44K | 584.45K | 169.03K | 170.92K | 745.56K | 0 |
| Total Non-Current Assets | 82.86M | 82.14M | 0 | 8.67M | 83.69M | 0 |
| Total Assets | 83.18M | 82.72M | 169.03K | 170.92K | 84.44M | 0 |
| Asset Growth % | 229.97% | 48837.4% | -1.1% | -99.8% | - | - |
| Return on Assets (ROA) | 1.92% | 3.44% | -15.21% | -37.63% | -0.15% | - |
| Accounts Payable | 64.46K | 57.17K | 25.73K | 1.76K | 299.95K | 3.27K |
| Total Debt | 0 | 0 | 125K | 125K | 0 | 0 |
| Net Debt | -243.24K | -486.9K | 78.72K | 68.75K | -521.87K | 0 |
| Long-Term Debt | 0 | 0 | 794.68K | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 125K | 125K | 0 | 0 |
| Other Liabilities | 298.91K | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 64.46K | 194.92K | 171.67K | 8.88M | 684.93K | 3.27K |
| Total Non-Current Liabilities | 298.91K | 0 | 794.68K | 0 | 299.95K | 0 |
| Total Liabilities | 363.38K | 194.92K | 171.67K | 147.7K | 684.93K | 3.27K |
| Total Equity | 82.81M | 82.53M | -2.63K | 4.44M | 83.76M | -3.27K |
| Equity Growth % | 1119.5% | 3135602.17% | -100.06% | -94.69% | 2559855.56% | - |
| Equity / Assets (Capital Ratio) | 99.56% | 99.76% | -1.56% | 2600.18% | 99.19% | - |
| Return on Equity (ROE) | 1.92% | 3.46% | -1.16% | -36.1% | -0.3% | - |
| Book Value per Share | 9.41 | 10.22 | -0.00 | 0.60 | 9.53 | -0.00 |
| Tangible BV per Share | 9.41 | 10.22 | -0.14 | 0.40 | 9.53 | -0.00 |
| Common Stock | 82.86M | 82.14M | 207 | 216 | 83.69M | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -45.19K | 389.27K | -148.24M | -115.04M | -129.06K | -3.27K |
| Accumulated OCI | 0 | 0 | 0 | -376 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 82 | 0 | 0 | 0 |
Post-merger liquidity constraints
As reported in financial statements, FGMC's total assets fluctuated from $85.9 million in 2023Q2 to a low of $169.0K in 2024Q4, illustrating the extreme balance sheet instability inherent in the transition from a SPAC shell vehicle to an operating entity following the iCoreConnect business combination.
The dramatic contraction in asset base suggests that the merger process involved significant cash outflows or redemptions that depleted the trust account. Investors should monitor whether the current asset level of $83.2 million in 2026Q1 represents a stabilized foundation or merely a temporary recovery from the post-merger liquidity crunch.
Based on reported figures, the current ratio plummeted from 166.18 in 2025Q2 to 4.94 in 2026Q1, indicating that the company's ability to cover short-term obligations has deteriorated significantly as it attempts to integrate its new healthcare SaaS operations into the existing corporate structure.
The rapid decline in liquidity metrics suggests that the company is consuming its remaining cash reserves at an unsustainable pace. This trend warrants further investigation into the company's ability to fund ongoing operations without resorting to dilutive financing or additional sponsor support.
According to recent SEC filings, the company's equity position experienced severe volatility, including a negative equity balance of $2.6 million in 2024Q4, which highlights the substantial impact of accumulated losses and the potential for significant shareholder dilution during the merger and subsequent operational phase.
The shift from positive equity to negative territory suggests that the company's capital structure has been severely compromised by the costs of the business combination. Investors should be wary of the potential for further equity impairment if the company fails to generate positive earnings to offset these historical losses.
As indicated by the emergence of $1.5 million in goodwill in 2024Q4, the balance sheet now carries intangible assets that may be subject to future impairment charges, potentially masking the true economic value of the acquired iCoreConnect business and its long-term viability in the healthcare market.
The presence of goodwill on the balance sheet suggests that the company paid a premium for the acquisition that may not be supported by current operational performance. This risk is compounded by the lack of tangible assets, which may leave little recovery value for shareholders should the integration fail to meet growth expectations.
Quick answers to the most common questions about buying FGMC stock.
As of 2025, FG Merger Corp. (FGMC) had total assets of $82.7M including $0.6M in current assets.
FG Merger Corp. (FGMC) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FG Merger Corp. (FGMC) has total shareholders' equity (book value) of $82.5M ($10.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FG Merger Corp. (FGMC) reported a current ratio of 3.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.